STATEMENT | Delta Chamber Looks Forward to More Details on Upcoming Provincial Legislation for Interim Business Property Tax Relief
On January 17th the provincial government announced that it plans to introduce interim legislation during the 2020 Spring Session which would give municipalities the ability to exempt a portion of the value of a select number of commercial properties from the full effects of property taxation; easing the tax burden for their tenants responsible for property taxes through their commercial leases.
The current practice of assessing properties on their highest and best use for potential future redevelopment as designated in a municipality’s official community plan, versus their current use, and of assessing total potential future property at a business rate can create a challenging situation for independent property owners who do not have the available capital to re-develop their property to its highest and best use now; nor to wait out the often multi-year municipal development approval process.
2019 was a growth year for your Chamber and I am grateful for the opportunities over this past year to meet many of you and learn about your businesses and how they contribute to the well-being of our community. I appreciate your trust and commitment to work with your Delta Chamber and help us grow a stronger business network and create positive changes for Delta.